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South Bend Redevelopment Commission <br />Regular Meeting - May 21, 1999 <br />6. NEW BUSINESS (CONT.) <br />b. continued.... <br />A review of the designated South Bend <br />Redevelopment Areas finds that the <br />property is located in the Airport <br />Economic Development Area, which is <br />a Tax Incremental Allocation Area; <br />therefore, the petition for personal <br />property tax abatement must first be <br />approved by the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement petition <br />finds that Journeyman Tool & Mold, <br />Inc. meets the qualifications for a five - <br />year personal property tax abatement <br />under Tangible Personal Property Tax <br />Abatement. <br />Using the estimated project cost of <br />$180,000, the taxes generated over the <br />five -year period will be approximately <br />$17,548. Taxes abated over the five - <br />year period will be approximately <br />$14,437. Taxes still paid with the <br />abatement over the five -year period will <br />be approximately $3,112. <br />Upon a motion by Mr. Faccenda, <br />COMMISSION ADOPTED RESOLUTION NO. 1684 <br />seconded by Mr. Donoho and <br />APPROVING AN APPLICATION FOR PERSONAL <br />unanimously carried, the Commission <br />PROPERTY TAX DEDUCTION FOR PROPERTY AT <br />adopted Resolution No. 1684 approving <br />3601 GAGNON IN THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA. (JOURNEYMAN TOOL & <br />an application for personal property tax <br />MOLD, INC.) <br />deduction for property at 3601 Gagnon <br />in the Airport Economic Development <br />Area. (Journeyman Tool & Mold, Inc.) <br />HAWPDATA \C0MMSN\052199.MIN -9- <br />